NRI SecureTechnologies, the first development partner of ConsenSys in Japan today unveiled a new service to detect and report security vulnerabilities in information systems and services that use blockchain technology. The first use will be as a monitoring service for smart contracts on Ethereum.

This service is implemented by introducing multiple scan tools in the security log monitoring service NeoSOC that NRI already offers. NeoSOC monitors the behavior of targeted smart contracts and notifies the company using this service when new vulnerabilities are detected. The company receiving such a notification can avoid an attack by stopping the use of the corresponding programs and system processes.

One of the introduced tools is Mythril, a smart contract security diagnosis and analysis tool that is offered by ConsenSys Diligence Inc., a blockchain security company. A feature of Mythril is that it can automatically diagnose the behavior of a smart contract and discover hidden vulnerabilities.

“ConsenSys Diligence is extremely happy to forge a new partnership with NRI Secure, who are widely recognized as leaders in managed security services and also leading edge pioneers in the Ethereum blockchain security space. We plan to collaborate closely to bring powerful automated smart contract analysis services to customers worldwide and to further our shared goal of making Ethereum safer for everyone.”

Tom Lindeman, co-founder of ConsenSys Diligence

A smart contract is a mechanism by which a certain contract is automatically executed by a program when a transaction request is generated that matches previously set conditions. Applications are being explored in various fields, such as for securities settlements, real estate transactions, and sharing economies.

At the same time, with the increase in illegal invasions into virtual currency exchanges and cyber attacks that exploit blockchain vulnerabilities, and the accompanying damage, cases of attacks that target smart contracts have been reported. Therefore it is necessary for the developers of smart contracts, and the companies that introduce them, to always be aware of information about security vulnerabilities and check whether a developed program could be the target of an attack.

In the future, NRI Secure will continue to work with ConsenSys and other financial technology companies within Japan and elsewhere to widen the range of application of this service and to make contributions in the area of security in the development of blockchain technology and for the businesses that use it.